An anticipated purchase of equipment for $520,000, with a useful life of 8 years and no residual value, is expected to yield the following annual net incomes and net cash flows: 
What is the cash payback period?
Definitions:
Market Failure
A situation in which the allocation of goods and services by a free market is not efficient, often due to externalities, monopolies, or information asymmetries.
Efficient Outcome
An optimal allocation of resources where it is impossible to improve one party's position without worsening another's, often associated with maximized total welfare or utility in an economic context.
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total net benefits to society from the trade.
Price Of Ethanol
The cost at which ethanol, a type of alcohol used as fuel, is sold in the market.
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